Crypto: Bitcoin Rallies, Etf Flows Rebound As Us Crypto Policy Stalls:...

Bitcoin breached the $95,000 mark this week amid a wider market recovery, as investors digested regulatory delays to the much-awaited CLARITY Act in the US.

Cryptocurrency markets posted a broad recovery this week, led by gains in major coins, even as investor attention remained focused on the uncertainty of pending US crypto legislation.

Bitcoin (BTC) rose over 5% during the past week to top the $95,000 mark, while Ether (ETH) pumped by around 6.6% on developments related to the top Ethereum treasury companies.

US spot Bitcoin exchange-traded funds (ETFs) also returned with a bang, with the funds logging four consecutive days of net positive inflows of around $1.7 billion in total, according to Farside Investors.

Despite the price recovery, market sentiment was shaped by developments in Washington. US Senator Cynthia Lummis said the Senate Banking Committee is expected to delay its markup of the long-anticipated CLARITY Act, legislation aimed at establishing a market structure framework for digital assets.

Coinbase CEO Brian Armstrong was among those who expressed concerns over multiple provisions related to tokenized equities and decentralized finance in the existing draft legislation.

US Senator Cynthia Lummis reportedly expects the US Senate Banking Committee to delay its hearing on crypto market structure legislation after Coinbase withdrew support for the bill.

There were already some murmurs of a CLARITY Act Senate markup delay on Wednesday, which were heightened following an X post from Bloomberg reporter Steven Dennis on Wednesday night. Dennis stated:

“Lummis tells me her recommendation and expectation is that the markup be pulled for now. It’s Banking Chair Tim Scott’s call.”

The Senate markup was scheduled for Thursday at 10:00 am Eastern Time.

Source: CoinTelegraph